Uniti Group Inc (Delaware) (UNIT) 2025 Q2 法說會逐字稿

Good morning, and welcome to today's conference call to discuss Uniti's second-quarter 2025 earnings results. My name is Gigi, and I'll be your operator for today. Today's call is being recorded, and a webcast will be available on the company's Investor Relations website, investor.uniti.com, beginning today and will remain available for 365 days. (Operator Instructions)

早安，歡迎參加今天的電話會議，討論 Uniti 2025 年第二季的收益結果。我叫 Gigi，今天我將擔任您的接線生。今天的電話會議將被錄音，網路直播將從今天開始在公司投資者關係網站 investor.uniti.com 上提供，並將持續 365 天。（操作員指示）

It is now my pleasure to introduce Bill DiTullio, Uniti's Senior Vice President of Investor Relations and Treasury. Please begin.

現在我很高興介紹 Uniti 投資者關係和財務高級副總裁 Bill DiTullio。請開始。

Good morning, everyone, and thank you for joining today's conference call to discuss Uniti's second-quarter 2025 results. Speaking on the call today will be Kenny Gunderman, our CEO; and Paul Bullington, Uniti's CFO. Before we get started, I would like to quickly cover our Safe Harbor statement. Please note that today's remarks may contain forward-looking statements. These statements include, but are not limited to, statements regarding Uniti's fiber build strategy, the business' growth potential, efficiencies from the debt silos combination, Uniti's 2025 outlook, and other statements that are not historical facts.

大家早安，感謝您參加今天的電話會議，討論 Uniti 2025 年第二季的業績。今天的電話會議演講者將是我們的執行長 Kenny Gunderman 和 Uniti 的財務長 Paul Bullington。在我們開始之前，我想快速介紹一下我們的安全港聲明。請注意，今天的言論可能包含前瞻性陳述。這些聲明包括但不限於有關 Uniti 的光纖建設策略、業務成長潛力、債務筒倉組合帶來的效率、Uniti 的 2025 年展望以及其他非歷史事實的聲明。

Numerous factors could cause actual results to differ materially from those described in the forward-looking statements. For more information on those factors, please see the section titled Safe Harbor Statement in the accompanying presentation and the Risk Factors section in our filings with the United States Securities and Exchange Commission.

許多因素可能導致實際結果與前瞻性陳述中所述的結果有重大差異。有關這些因素的更多信息，請參閱隨附演示文稿中標題為“安全港聲明”的部分以及我們向美國證券交易委員會提交的文件中的風險因素部分。

With that, I would now like to turn the call over to Kenny.

說完這些，我現在想把電話轉給肯尼。

Thanks, Bill. Good morning, everyone, and thank you for joining. We're very pleased to have closed our merger with Windstream. When we announced this combination in May of 2024, we talked about how fiber is the mission-critical connective tissue for all current and future broadband delivery. Since then, we've not only seen a validation of that thesis but an acceleration of positive themes that reinforce our views.

謝謝，比爾。大家早安，感謝大家的參與。我們非常高興完成與 Windstream 的合併。當我們在 2024 年 5 月宣布這一組合時，我們討論了光纖如何成為所有當前和未來寬頻傳輸的關鍵連接組織。從那時起，我們不僅看到了該論點的驗證，而且看到了強化我們觀點的積極主題的加速。

Since our announcement, for example, four of the largest wireless carriers in North America have begun investing heavily in fiber-to-the-home, and we believe that investment will continue. With Kinetic, we own one of the most strategic independent fiber-to-the-home platforms remaining. And with a focus on Tier 2 and 3 markets, our footprint has substantial first-mover advantage is with fiber.

例如，自從我們宣布這項消息以來，北美四大無線營運商已開始大力投資光纖到戶，我們相信這項投資將會持續下去。憑藉 Kinetic，我們擁有現存最具戰略意義的獨立光纖到府平台之一。由於我們專注於二線和三線市場，因此我們在光纖方面擁有顯著的先發優勢。

We've also seen the dramatic emergence of the hyperscalers as massive bandwidth hogs, and Uniti is one of the few truly national wholesale providers able to support their growth and scale. Importantly, with our close to 5 million connected fiber endpoints by 2029, we will be substantial beneficiaries of the AI inference phase, which is fast approaching.

我們也看到超大規模企業急劇崛起，成為龐大的頻寬消耗者，而 Uniti 是少數能夠支持其成長和規模的真正全國性批發供應商之一。重要的是，到 2029 年，我們的光纖連接端點將接近 500 萬個，我們將成為即將到來的人工智慧推理階段的巨大受益者。

Lastly, since our deal announcement, we've seen a material improvement in the regulatory backdrop for fiber providers, including copper-to-fiber conversions. The FCC has taken a much more commercially favorable position towards copper retirement and a more business-friendly view of communications regulations in general. Many of our state PUCs are following their lead. So with that, we could not be more pleased with our transaction and how well positioned we are as a premier insurgent fiber provider.

最後，自我們宣布交易以來，我們看到光纖供應商的監管背景有了實質改善，包括銅線到光纖的轉換。美國聯邦通訊委員會對銅線退役採取了更為商業有利的立場，並對整體通訊法規採取了更商業友善的看法。我們州的許多公共事業單位 (PUC) 都在效仿他們的做法。因此，我們對我們的交易以及我們作為首屈一指的叛亂光纖供應商的良好定位感到非常滿意。

Before jumping into the quarter, we want to spend a little more time on prepared remarks than normal in order to give a refresher of new Uniti. Starting on slide 4, first, we are going to accelerate our investment in fiber and expect to pass 3.5 million homes with fiber within the Kinetic footprint by the end of 2029, and we have no plans of stopping there. We also expect that about 75% of our total revenue will be fiber based by 2029.

在進入本季度之前，我們想花比平常多一點的時間準備發言稿，以便讓大家對新的 Uniti 有一個複習。從幻燈片 4 開始，首先，我們將加快對光纖的投資，預計到 2029 年底，Kinetic 覆蓋範圍內的光纖家庭數量將超過 350 萬戶，而且我們並沒有止步於此的計劃。我們也預計，到 2029 年，我們總收入的約 75% 將來自光纖。

That conversion to fiber will further fuel the strong core fiber revenue and EBITDA growth we saw during the second quarter. The proven success of fiber-based products, especially when you build first or early in a market like we're doing at Kinetic and Uniti Fiber allows for predictable, steady growth with increasingly improving churn.

向光纖的轉換將進一步推動我們在第二季度看到的強勁核心光纖收入和 EBITDA 成長。纖維基產品的成功已被證實，特別是當您在市場中首次或早期構建時，就像我們在 Kinetic 和 Uniti Fiber 所做的那樣，可以實現可預測的穩定增長，並不斷改善客戶流失率。

Our aggressive management of legacy products and services will allow us to eventually achieve stable consolidated revenue and adjusted EBITDA growth. Our mentality and go-to-market strategy will be that of an insurgent share taker with industry-leading NPS scores and a focus on network quality and customer obsession. We believe long-term blended penetration of 40% is not only achievable but looks increasingly conservative.

我們對傳統產品和服務的積極管理將使我們最終實現穩定的綜合收入和調整後的 EBITDA 成長。我們的心態和市場進入策略將是成為具有行業領先 NPS 分數的叛亂份額獲取者，並專注於網路品質和客戶至上。我們認為，長期混合滲透率達到 40% 不僅是可以實現的，而且看起來也越來越保守。

Slide 5 shows key metrics we plan on presenting each quarter. We currently pass 1.7 million homes with fiber within our Kinetic footprint, and we expect to be at 2 million homes by the end of this year and 3.5 million homes by the end of '29. Even before taking into account our enhanced build plan, our percentage of total revenue on fiber is already around 40%, and we expect that to increase to roughly 75%. Also, the percentage of total revenue that comes from our core business, Kinetic and Fiber Infrastructure, is 80% today and growing to 90%, providing a substantially future-proofed business.

投影片 5 展示了我們計劃每季展示的關鍵指標。目前，我們的 Kinetic 覆蓋範圍內的光纖家庭已達 170 萬戶，預計到今年年底將達到 200 萬戶，到 29 年底將達到 350 萬戶。即使在考慮我們的增強建設計劃之前，光纖占我們總收入的比例已達到 40% 左右，我們預計這一比例將增加到 75% 左右。此外，目前，來自我們核心業務動能和光纖基礎設施的總收入佔比為 80%，並將成長至 90%，為未來業務提供了堅實的保障。

As demonstrated on slide 6, the growth in each of our core fiber lines of business has been very strong, and we expect that to continue given the indisputably superior nature of fiber. Given this pace of growth, fiber will soon overtake legacy services as the majority of our revenue and EBITDA. It's important to highlight on this page that we will face headwinds from legacy services that will weigh on consolidated revenue and EBITDA. With that said, I'd like to highlight three points.

如投影片 6 所示，我們每條核心光纖業務線的成長都非常強勁，而且考慮到光纖無可爭議的優越性，我們預計這種成長將持續下去。鑑於這種成長速度，光纖將很快取代傳統服務，成為我們收入和 EBITDA 的大部分。在此頁面上需要強調的是，我們將面臨來自傳統服務的阻力，這將對合併收入和 EBITDA 造成壓力。話雖如此，我想強調三點。

First, these services in no way diminish the value of our core fiber business. Secondly, within a relatively short period of time, the mix shift to higher fiber revenue will make the legacy services increasingly immaterial. And thirdly, in the meantime, these services are generating predictable free cash flow.

首先，這些服務絕對不會降低我們核心光纖業務的價值。其次，在相對較短的時間內，轉向更高光纖收入的組合將使傳統服務變得越來越不重要。第三，同時，這些服務正在產生可預測的自由現金流。

In order to grow, we have to take market share, and our insurgent mentality is reinforced by very strong NPS scores as shown on slide 7. We're obsessed with customer satisfaction. And as a result, our industry-leading churn is our superpower. On a go-forward basis, as we transition the majority of Kinetic's footprint to fiber, we'll also start to see material improvements in churn.

為了實現成長，我們必須佔領市場份額，而我們的反叛心態因非常強勁的 NPS 分數而得到強化，如幻燈片 7 所示。我們非常注重客戶滿意度。因此，我們在業界領先的客戶流失率就是我們的超能力。從未來來看，隨著我們將 Kinetic 的大部分業務轉移到光纖，我們也將開始看到客戶流失的實質改善。

Finally, we believe we have the right leadership team in place to capitalize on the opportunity ahead, as highlighted on slide 8. Our collective experience spans successful copper to fiber conversion stories like Frontier and Ziply as well as wholesale and enterprise fiber. And of course, we have substantial strategic and M&A experience for the exciting road ahead.

最後，我們相信我們已經擁有合適的領導團隊來利用未來的機遇，正如幻燈片 8 所強調的那樣。我們的集體經驗涵蓋了成功的銅線到光纖轉換案例，例如 Frontier 和 Ziply，以及批發和企業光纖。當然，我們擁有豐富的策略和併購經驗，為未來令人興奮的道路做好準備。

Going forward, we will report our results in three segments. The first is Kinetic, which is our fiber-to-the-home platform; second is fiber infrastructure, which includes Uniti Fiber, Uniti Leasing, plus Windstream wholesale; and our third segment is Uniti Solutions, which is the business formerly known as Windstream Enterprise.

展望未來，我們將分三個部分報告我們的結果。第一個部門是 Kinetic，這是我們的光纖到府平台；第二個部門是光纖基礎設施，其中包括 Uniti Fiber、Uniti Leasing 以及 Windstream 批發；第三個部門是 Uniti Solutions，該部門以前稱為 Windstream Enterprise。

Starting with Fiber Infrastructure on slide 10, you can see we had a solid quarter of pro forma Uniti and Windstream consolidated bookings of $1.2 million of MRR. As we foreshadowed, wireless bookings have been a highlight, up 30% in the first half of 2025 compared to the first half of last year. Our anchor lease-up strategy within the Fiber Infrastructure segment will not change going forward. And in fact, the economics when combined with Windstream Wholesale track right in line with our expectations.

從幻燈片 10 上的光纖基礎設施開始，您可以看到我們有一個季度的 Uniti 和 Windstream 合併預訂量，MRR 為 120 萬美元。正如我們所預見的那樣，無線預訂是一大亮點，2025 年上半年與去年上半年相比成長了 30%。我們在光纖基礎設施領域內的錨定租賃策略未來不會改變。事實上，與 Windstream Wholesale 相結合後的經濟狀況完全符合我們的預期。

Importantly, the hyperscaler deals we are pursuing on a consolidated basis are not only in line with these economics but are tracking ahead of our expectations. As demonstrated on slides 11 and 12, we have terrific potential in this segment. The chart on the right side of slide 11 is frankly dated as it shows the industry growth expectations before the hyperscalers theme emerged in earnest.

重要的是，我們在合併基礎上追求的超大規模交易不僅符合這些經濟狀況，而且超出了我們的預期。正如幻燈片 11 和 12 所示，我們在這一領域擁有巨大的潛力。投影片 11 右側的圖表顯然已經過時，因為它顯示了超大規模主題真正出現之前的產業成長預期。

Our new combined wholesale fiber platform not only has an expansive high-strand-count network to sell with unique metro markets and intercity routes, we also now have capabilities to sell a more robust product set of lit and dark fiber. As you can see on slide 12, we have an immediate and materially enhanced set of customer MSAs to now sell that larger product set into.

我們新的綜合批發光纖平台不僅擁有廣泛的高股數網絡，可透過獨特的大都市市場和城際路線進行銷售，而且我們現在還能夠銷售更強大的亮光纖和暗光纖產品系列。正如您在投影片 12 上看到的，我們擁有一套即時且實質增強的客戶 MSA，現在可以將更大的產品集銷售到其中。

In fact, on August 1, Windstream signed a 20-year IRU with a major hyperscaler that spans approximately 500 miles on existing intercity network. The total contract value is approximately $100 million. This is a deal that we've been working on together for some time and would not have been possible without Uniti's network and Windstream's relationship with the customer. This cross-selling opportunity is exactly the type of deal we've been foreshadowing, and we expect to see more in the near future.

事實上，8 月 1 日，Windstream 與一家大型超大規模營運商簽署了一份為期 20 年的 IRU 協議，該協議涵蓋現有城際網路約 500 英里。合約總價值約1億美元。這是我們共同努力了一段時間的交易，如果沒有 Uniti 的網路和 Windstream 與客戶的關係，這筆交易是不可能實現的。這種交叉銷售機會正是我們一直預示的交易類型，我們預計在不久的將來會看到更多這樣的交易。

That's a great segue to our wholesale sales funnel on slide 13. On a combined basis, our hyperscaler funnel represents about $1.5 billion of total contract value. At Uniti alone, hyperscalers have increased as a percentage of the total funnel from less than 15% a year ago to now 40%, and that's on a total funnel that's increased 80% since 2Q '24. The activity of both companies alone has been very strong, but the closing of this deal is an accelerant, and we expect a nice ramp in the second half of '25 and certainly into '26.

這與投影片 13 上的批發銷售管道有很好的連結。綜合來看，我們的超大規模漏斗代表著約 15 億美元的總合約價值。光是在 Uniti，超大規模企業在整體漏斗中所佔的百分比就從一年前的不到 15% 增加到現在的 40%，而自 2024 年第二季以來，整體漏斗已經增加了 80%。兩家公司的活動本身就非常強勁，但這筆交易的完成是一個加速器，我們預計 25 年下半年，當然還有 26 年，會出現良好的成長勢頭。

Turning to Kinetic, this segment will now include all consumer, wholesale, and enterprise customers that are located within the ILEC footprint. As slide 15 illustrates, consumer represents about 60% of total revenue and is expected to grow to about 75%. And although fiber-based revenue within Kinetic today represents a minority share of total revenue, by 2029, we expect that to be about 85%. As I said earlier, this shift to fiber will result in growth, lower churn, and therefore, predictable revenue and EBITDA.

談到 Kinetic，該部分現在將包括位於 ILEC 覆蓋範圍內的所有消費者、批發和企業客戶。如投影片 15 所示，消費者約佔總收入的 60%，預計將成長至約 75%。儘管目前 Kinetic 的光纖收入僅佔總收入的一小部分，但我們預計到 2029 年將達到 85% 左右。正如我之前所說，向光纖的轉變將帶來成長、降低客戶流失率，從而帶來可預測的收入和 EBITDA。

Slide 16 shows the cadence of our accelerated fiber build. As a reminder, Kinetic has built a substantial amount of fiber-to-the-node over the past 10 years and building that last mile can be done both cost efficiently and in a timely fashion relative to many of our peers. Also, it's important to point out that the 3.5 million homes that we're passing does not include BEAD nor any out-of-territory builds. We think there's a terrific opportunity to build fiber-to-the-home, utilizing our existing metro-rich Uniti Fiber footprint. And taken together, we see a clear path to up to 4 million fiber homes over time. More to come on that in the future.

幻燈片 16 展示了我們加速光纖建構的節奏。提醒一下，Kinetic 在過去 10 年中已經建造了大量的光纖到節點，並且與我們的許多同行相比，最後一英里的建設既經濟高效又及時。此外，需要指出的是，我們經過的 350 萬個住宅並不包括 BEAD 或任何境外建造的住宅。我們認為，利用我們現有的城域網路豐富的 Uniti Fiber 覆蓋範圍，建造光纖到府是一個絕佳的機會。綜合來看，隨著時間的推移，我們可以看到光纖家庭數量達到 400 萬戶的清晰前景。未來還會有更多相關內容。

Turning to slide 17, as we've now demonstrated at Uniti over the years, if you build fiber first or early to Tier 2 or 3 markets, you have the right to win for many years into the future, and that same strategy is being implemented at Kinetic. 80% of Kinetic's footprint has either one competitor or less, highlighting the competitive dynamics of Tier 2 and 3 markets. I mentioned it earlier, but Kinetic's footprint represents one of the last remaining scale platform opportunities to be first with fiber. Also, as you can see, only 60% of the footprint has a national cable provider that's offering a fixed mobile bundle. And we believe that's one of the real highlights of our footprint.

翻到第 17 張投影片，正如我們多年來在 Uniti 所展示的那樣，如果您首先或儘早為二線或三線市場鋪設光纖，那麼您就有權在未來許多年內獲勝，而同樣的策略正在 Kinetic 實施。 80% 的 Kinetic 業務只有一個或更少的競爭對手，凸顯了二線和三線市場的競爭動態。我之前提到過，但 Kinetic 的足跡代表了最後剩下的利用光纖的規模平台機會之一。另外，如您所見，只有 60% 的覆蓋範圍內有提供固定行動套餐的全國有線電視供應商。我們相信這是我們足跡的真正亮點之一。

Speaking of the bundle, turning to slide 18, as we've talked about in the past, we think a wireless bundle at Kinetic today is a nice-to-have but not a must-have. As this slide demonstrates, we're seeing terrific success thus far with our existing wireless bundle partnership with AT&T with 18 times quarter-over-quarter fiber subscriber growth and approximately 50% improvement in churn for those subscribers that bundle. So while we do not think a bundle is critical, it does demonstrate the benefits of the conversion theme we're seeing in the industry. And we think this provides tremendous upside by combining Kinetic with a more robust bundle in the future.

說到捆綁包，請翻到第 18 張幻燈片，正如我們過去所討論的，我們認為 Kinetic 今天推出的無線捆綁包是可有可無的，但不是必須的。正如這張幻燈片所示，到目前為止，我們與 AT&T 的現有無線捆綁合作夥伴關係取得了巨大的成功，光纖用戶數量環比增長了 18 倍，捆綁用戶的流失率提高了約 50%。因此，雖然我們認為捆綁並不重要，但它確實展示了我們在行業中看到的轉換主題的好處。我們認為，透過將 Kinetic 與未來更強大的捆綁包相結合，這將帶來巨大的優勢。

I mentioned the favorable regulatory roadmap earlier at the FCC, but that's also true of our state PUCs. Of the 18 states comprising Kinetic's footprint, nine have eliminated COLR obligations with deregulation and expanded access to advanced technology. In the remaining nine states with COLR obligations, we have the flexibility to provide voice services using the technology of our choosing, such as fixed wireless or fiber-based VoIP solutions.

我之前提到過聯邦通訊委員會 (FCC) 的有利監管路線圖，但這對我們州公共事業公司 (PUC) 來說也是如此。在 Kinetic 涵蓋的 18 個州中，有 9 個州透過放鬆管制和擴大先進技術的使用範圍，取消了 COLR 義務。在其餘九個有 COLR 義務的州，我們可以靈活地使用我們選擇的技術提供語音服務，例如固定無線或基於光纖的 VoIP 解決方案。

So as slide 19 highlights, by 2029, we believe that over 95% of our customers will be on fiber-to-the-home directly or through alternative technologies like fixed wireless that leverage our substantial fiber-to-the-node investment. We think this is one of our key competitive and strategic advantages, and we'll elaborate more on that in the future.

因此，正如第 19 張投影片所強調的那樣，到 2029 年，我們相信超過 95% 的客戶將直接使用光纖到戶，或透過利用我們大量光纖到節點投資的固定無線等替代技術使用光纖到戶。我們認為這是我們的主要競爭優勢和策略優勢之一，我們將在未來對此進行更詳細的闡述。

Turning to slide 21, before I turn the call over to Paul, I want to talk about Uniti Solutions, which is a robust nationwide managed services provider to Fortune 100 enterprise customers across the country. As I mentioned earlier, this business is not part of our go-forward fiber infrastructure strategy, but it is still a very good business that generates a substantial amount of predictable cash flow.

翻到第 21 張幻燈片，在我將電話轉給保羅之前，我想談談 Uniti Solutions，這是一家強大的全國性託管服務提供商，為全國的財富 100 強企業客戶提供服務。正如我之前提到的，這項業務不是我們未來光纖基礎設施策略的一部分，但它仍然是一項非常好的業務，可以產生大量可預測的現金流。

While both revenue and EBITDA are declining, weighing on our top line, as I mentioned earlier, a critical part of our strategy is to retain the most profitable part of this business while maximizing cash flow. We will largely exit TDM by the end of this year. And we believe many of the customers we plan to retain will be huge bandwidth users from AI-generated products when the infra space begins, giving us a potential opportunity to move these customers to fiber.

雖然收入和 EBITDA 都在下降，對我們的營業收入造成壓力，但正如我之前提到的，我們策略的關鍵部分是保留這項業務中最賺錢的部分，同時最大化現金流。我們將在今年年底基本退出TDM。我們相信，當基礎設施領域開始時，我們計劃保留的許多客戶將成為來自人工智慧生成產品的大量頻寬用戶，這為我們提供了將這些客戶轉移到光纖的潛在機會。

Also, we believe some of the managed services products within this segment can be cross sold into our Uniti Fiber enterprise base as well as into the Kinetic enterprise base. Taken together, we believe all these things will flatten the decline of this business by 2028, resulting in an NPV of over $1 billion of enterprise value.

此外，我們相信該領域內的一些託管服務產品可以交叉銷售到我們的 Uniti Fiber 企業基地以及 Kinetic 企業基地。綜合起來，我們相信到 2028 年，所有這些因素將使該業務的下滑趨勢趨於平緩，從而使企業價值的淨現值超過 10 億美元。

With that, I'll now turn the call over to Paul.

說完這些，我現在將電話轉給保羅。

Thank you, Kenny. Starting on slide 23, 15 months ago, when we announced the planned merger with Windstream, we laid out our key pre-close priorities. Through the dedication and collaboration of our combined teams, we have completed nearly all of those objectives, including our go-forward operating plan, the collapsing of the debt silos, and the full redesign of the Kinetic fiber-to-the-home build plan. And we are now set to hit the ground running at full speed as one company.

謝謝你，肯尼。從 15 個月前的第 23 張投影片開始，當我們宣布與 Windstream 合併計畫時，我們列出了交易完成前的重點優先事項。透過我們聯合團隊的奉獻和協作，我們幾乎完成了所有目標，包括我們的未來營運計劃、債務孤島的瓦解以及 Kinetic 光纖到戶建設計劃的全面重新設計。現在，我們已準備好以一家公司的形式全速投入工作。

Please turn to slide 24, and I'll touch on some of the key second quarter highlights for both Kinetic and our Fiber Infrastructure segment. As a reminder, our fiber-to-the-home platform will continue to be branded as Kinetic. Fiber infrastructure will include our current Uniti Fiber and Uniti Leasing segments, along with the Windstream Wholesale segment, all of which are highly complementary and will combine to create a premier fiber infrastructure company with both national and deep regional capabilities. We are also now referring to the Windstream Managed Solutions segment as Uniti Solutions.

請翻到第 24 張投影片，我將介紹 Kinetic 和光纖基礎設施部門第二季的一些主要亮點。提醒一下，我們的光纖到戶平台將繼續以 Kinetic 為品牌。光纖基礎設施將包括我們目前的 Uniti Fiber 和 Uniti Leasing 部門以及 Windstream Wholesale 部門，它們高度互補，將合併創建一家擁有全國和深厚區域能力的一流光纖基礎設施公司。我們現在也將 Windstream Managed Solutions 部門稱為 Uniti Solutions。

Both Uniti and Windstream made good progress this quarter on several different fronts. Starting with Kinetic, we expanded our fiber network to pass an additional 52,000 homes with fiber, ending the quarter with 1.7 million homes passed. Kinetic also added 19,000 fiber subscribers during the second quarter, ending the quarter with 483,000 total fiber subscribers, a 15% increase from the prior-year period.

Uniti 和 Windstream 本季在多個不同方面都取得了良好進展。從 Kinetic 開始，我們擴展了光纖網絡，將光纖覆蓋範圍擴大到另外 52,000 戶家庭，到本季末，光纖覆蓋範圍已達到 170 萬戶家庭。Kinetic 在第二季也增加了 19,000 名光纖用戶，至本季末光纖用戶總數達到 483,000 名，比去年同期成長 15%。

As Kenny mentioned earlier, total fiber revenue for Uniti and Windstream increased 10% year over year during the second quarter, with Kinetic consumer fiber revenue alone growing 27%, which is consistent with the growth rate we've seen for multiple quarters now. This growth is being driven by strong adoption of our fiber-to-the-home product, bolstered by the performance of our Fiber Fast Start and Fiber Forward initiatives at Kinetic that target our newer and more seasoned cohorts, respectively.

正如 Kenny 之前提到的，Uniti 和 Windstream 的纖維總收入在第二季度同比增長了 10%，其中 Kinetic 消費纖維收入增長了 27%，這與我們目前多個季度看到的增長率一致。這一增長得益於我們光纖到戶產品的廣泛採用，以及 Kinetic 的 Fiber Fast Start 和 Fiber Forward 計劃的出色表現，這兩個計劃分別針對較新和較成熟的客戶群。

At Fiber Infrastructure, Uniti and Windstream combined to record consolidated bookings MRR of approximately $1.2 million, with Uniti contributing $0.8 million of MRR to that total. This level of bookings at Uniti is consistent with the past several quarters. Slide 25 highlights the sustained momentum we are seeing within Kinetic Fiber. Fiber penetration was up 20 basis points sequentially and 120 basis points year over year, while fiber ARPU increased 6% sequentially and 11% year over year.

在 Fiber Infrastructure，Uniti 和 Windstream 合併記錄的合併預訂 MRR 約為 120 萬美元，其中 Uniti 為該總額貢獻了 80 萬美元的 MRR。Uniti 的預訂量水準與過去幾季一致。第 25 張投影片重點介紹了我們在 Kinetic Fiber 中看到的持續發展勢頭。光纖普及率較上季成長 20 個基點，較去年同期成長 120 個基點，而光纖 ARPU 則是環比成長 6%，較去年同期成長 11%。

Turning to slide 26, I'd now like to cover Uniti's standalone results for the second quarter. Uniti reported consolidated revenues of $301 million, consolidated adjusted EBITDA of $243 million, AFFO attributed to common shareholders of $96 million, and AFFO per diluted common share of $0.36, all of which were ahead of our expectations. As we mentioned previously, analyst consensus estimates for standalone Uniti were too high for the second quarter and too low for the second half of 2025.

翻到第 26 張投影片，我現在想介紹一下 Uniti 第二季的獨立業績。Uniti 報告的合併收入為 3.01 億美元，合併調整後 EBITDA 為 2.43 億美元，歸屬於普通股股東的 AFFO 為 9,600 萬美元，每股稀釋普通股 AFFO 為 0.36 美元，均超出我們的預期。正如我們之前提到的，分析師對獨立 Uniti 的第二季業績的普遍預期過高，而對 2025 年下半年的業績預期過低。

At Uniti Leasing, we reported segment revenues of $226 million and adjusted EBITDA of $220 million, representing an adjusted EBITDA margin of 97% for the quarter. During the second quarter, Uniti Leasing net success-based CapEx was approximately $2 million as GCI funding for the calendar year 2025 was fully satisfied during the first quarter.

在 Uniti Leasing，我們報告的分部收入為 2.26 億美元，調整後 EBITDA 為 2.2 億美元，相當於本季調整後 EBITDA 利潤率為 97%。在第二季度，Uniti Leasing 的淨成功資本支出約為 200 萬美元，因為 2025 日曆年的 GCI 資金已在第一季全部滿足。

At Uniti Fiber, we reported revenues of $74 million and adjusted EBITDA of $29 million during the second quarter, resulting in an adjusted EBITDA margin of 39%. Uniti Fiber net success-based CapEx was $21 million in the second quarter, which represents a net capital intensity of approximately 28%. We also incurred about $2 million of maintenance CapEx during the quarter.

在 Uniti Fiber，我們報告第二季的營收為 7,400 萬美元，調整後 EBITDA 為 2,900 萬美元，調整後 EBITDA 利潤率為 39%。Uniti Fiber 第二季基於成功的淨資本支出為 2,100 萬美元，淨資本密集度約為 28%。本季我們也花了約 200 萬美元的維護資本支出。

In addition to these standalone Uniti results, we also wanted to provide a pro forma view of new Uniti consolidated performance for the quarter. Slide 27 provides this pro forma view of new Uniti consolidated second-quarter results. Consolidated pro forma revenue was down approximately 6% year over year during the quarter, primarily driven by the continued decline in legacy TDM services and in Uniti Solutions.

除了這些獨立的 Uniti 結果之外，我們還希望提供本季新 Uniti 合併業績的備考視圖。投影片 27 提供了新的 Uniti 合併第二季業績的備考視圖。本季綜合備考營收年減約 6%，主要原因是傳統 TDM 服務和 Uniti Solutions 的持續下滑。

However, top line growth in other parts of the business was strong with Fiber Infrastructure growing 7% year over year and Kinetic fiber-based revenue inclusive of consumer, business and wholesale services growing 19% year over year. As we continue to execute on and accelerate our fiber overbuild plan, we expect fiber services at Kinetic will continue to deliver consistent strong growth quarter over quarter.

然而，其他業務部分的營收成長強勁，其中光纖基礎設施年增 7%，包括消費者、商業和批發服務在內的 Kinetic 光纖收入年增 19%。隨著我們繼續執行並加速我們的光纖過度建設計劃，我們預計 Kinetic 的光纖服務將繼續逐季強勁成長。

Please turn to slide 28, and I'll now cover our 2025 outlook for the combined company. We have provided two views of estimates for 2025 on this slide. 2025 as-reported outlook includes seven months of standalone Uniti results plus five months of combined Uniti and Windstream. This is our formal guidance for 2025 and matches what was included in our earnings release that was filed earlier this morning.

請翻到第 28 張投影片，我現在將介紹合併後公司 2025 年的展望。我們在這張投影片上提供了 2025 年的兩種預測。 2025 年的報告展望包括七個月的獨立 Uniti 結果以及五個月的合併 Uniti 和 Windstream 結果。這是我們對 2025 年的正式指導，與我們今天早上提交的收益報告中的內容相符。

We have also provided a pro forma view for 2025, similar to what we have provided in prior quarters. Both the as-reported and pro forma views for 2025 reflect the completion of the resegmentation work at Windstream that has been in progress over the past couple of quarters and also reflects how we plan to present the different segments going forward. The following comments on our 2025 guidance will be based on the as-reported outlook view.

我們還提供了 2025 年的預測，與前幾季提供的類似。2025 年的報告和預測觀點均反映了 Windstream 在過去幾季中一直在進行的重新細分工作的完成，也反映了我們計劃如何在未來呈現不同的細分市場。我們對 2025 年指引的以下評論將基於報告的展望觀點。

Beginning with Kinetic, we expect revenues and adjusted EBITDA to be $945 million and $385 million, respectively, at the midpoint. We expect to deploy $510 million of net CapEx at the midpoint of our guidance, primarily related to the continued buildout of fiber within the Kinetic footprint. At Fiber Infrastructure, we expect revenues and adjusted EBITDA to be $1.1 billion and $735 million, respectively, at the midpoint for full-year 2025.

從 Kinetic 開始，我們預期營收和調整後的 EBITDA 中位數分別為 9.45 億美元和 3.85 億美元。我們預計將在指導中期部署 5.1 億美元的淨資本支出，主要與 Kinetic 覆蓋範圍內光纖的持續建設有關。在 Fiber Infrastructure，我們預計 2025 年全年的營收和調整後的 EBITDA 將分別達到 11 億美元和 7.35 億美元。

Although we are no longer providing separate formal guidance for Uniti Fiber and Uniti Leasing, our 2025 outlook for both of those segments is unchanged from our prior guidance. Our outlook for net CapEx at Fiber Infrastructure this year is $310 million at the midpoint of our guidance and represents a capital intensity of approximately 30%. As a reminder, both Kinetic and Fiber Infrastructure consists of a highly predictable core recurring revenue base that continues to grow and yield attractive margins.

儘管我們不再為 Uniti Fiber 和 Uniti Leasing 提供單獨的正式指導，但我們對這兩個部門的 2025 年展望與先前的指導相比沒有變化。我們預計今年光纖基礎設施的淨資本支出為 3.1 億美元（以指導中位數計算），資本密集度約為 30%。提醒一下，Kinetic 和 Fiber Infrastructure 都擁有高度可預測的核心經常性收入基礎，並且該收入基礎持續成長並產生可觀的利潤率。

Turning to Uniti Solutions, which we referred to in the past as Managed Solutions or Windstream Enterprise, we expect revenues and adjusted EBITDA of $320 million and $155 million at the midpoint. Altogether, we expect consolidated revenue and adjusted EBITDA of $2.2 billion and $1.1 billion at the midpoint of our 2025 outlook with consolidated net CapEx of $875 million.

談到 Uniti Solutions（我們過去稱之為 Managed Solutions 或 Windstream Enterprise），我們預期其營收和調整後的 EBITDA 中間值為 3.2 億美元和 1.55 億美元。整體而言，我們預計 2025 年預期中期合併收入和調整後 EBITDA 分別為 22 億美元和 11 億美元，合併淨資本支出為 8.75 億美元。

Using the legacy Uniti shares outstanding that is on the cover of our most recent 10-Q filing and excluding the impact of the warrants that were issued to Windstream shareholders as a part of the merger, total shares outstanding for the combined company is approximately 238.6 million. As we've mentioned multiple times already this morning, we are on a multiyear journey to overbuild the majority of the Kinetic copper network with fiber, and we are greatly accelerating and expanding that fiber build plan.

使用我們最新的 10-Q 文件封面上的原有 Uniti 流通股，並排除作為合併的一部分向 Windstream 股東發行的認股權證的影響，合併後公司的總流通股數約為 2.386 億股。正如我們今天早上多次提到的那樣，我們正在進行為期多年的旅程，以用光纖覆蓋大部分 Kinetic 銅網絡，並且我們正在大大加快和擴展該光纖建設計劃。

Accordingly, slide 29 lays out our key targets for Kinetic this year. We expect to reach 2 million homes passed with fiber by the end of the year, reaching 45% fiber coverage within the Kinetic footprint. We also expect to add approximately 530,000 fiber subs and realize approximately $500 million of consumer fiber revenue in 2025, an increase of roughly 25% from the prior year.

因此，第 29 張幻燈片列出了我們今年 Kinetic 的主要目標。我們預計到今年底光纖覆蓋家庭數量將達到 200 萬戶，在 Kinetic 覆蓋範圍內光纖覆蓋率將達到 45%。我們也預計到 2025 年將增加約 53 萬個光纖用戶，實現約 5 億美元的消費者光纖收入，比前一年增長約 25%。

In terms of cost per passing, Kinetic has historically achieved a cost per passing on strategic non-subsidized bills of approximately $650. As we push fiber deeper into the Kinetic footprint and shift our construction mix to using more external crews, we expect the strategic cost per passing to increase but to still compare very favorably to industry benchmarks. We estimate cost per passing going forward will likely be in the $850 to $950 range, giving us a blended cost of $750 to $850 per passing over the life of the fiber build program.

就每次通行成本而言，Kinetic 歷史上在策略性非補貼帳單上實現了約 650 美元的每次通行成本。隨著我們將光纖深入 Kinetic 的覆蓋範圍，並轉變施工組合以使用更多的外部人員，我們預計每次通過的戰略成本將會增加，但與行業基準相比仍然非常有利。我們估計，未來每條線路的成本可能在 850 美元到 950 美元之間，因此在光纖建設計劃的整個生命週期內，每條線路的綜合成本將達到 750 美元到 850 美元。

Finally, I'd like to provide some brief comments on our capital structure. Slide 30 illustrates how Uniti's cost of capital has improved significantly over the past two years. If you go back to this time two years ago when we launched our 10.5% secured notes offering, our secured and unsecured debt was yielding over 12%. Fast forward today and our debt is currently yielding around 7% on a blended basis, a 550-basis-point improvement in 2.5 years.

最後，我想對我們的資本結構做一些簡短的評論。投影片 30 展示了 Uniti 的資本成本在過去兩年中如何顯著改善。如果回顧兩年前我們推出 10.5% 擔保票據的時候，我們的擔保和無擔保債務收益率超過 12%。快進到今天，我們的債務目前的混合收益率約為 7%，在 2.5 年內提高了 550 個基點。

Slide 31 provides an overview of our outstanding debt maturities. Over the past year, we have done meaningful work to extend our debt maturities, reducing our combined near-term maturities in '27 and '28 from over $6 billion a year ago to just over $3 billion today. Most recently, in June, we issued new unsecured notes using the majority of the proceeds to redeem a portion of our 10.5% secured notes due in 2028. Going forward, we will continue to be opportunistic in our approach to continue to push out near-term maturities and drive significant interest expense out of the business.

投影片 31 概述了我們未償還債務的到期情況。在過去的一年裡，我們做了許多有意義的工作來延長我們的債務期限，將27年和28年的短期債務總額從一年前的60多億美元減少到今天的30多億美元。最近，在 6 月份，我們發行了新的無擔保票據，使用大部分收益來贖回 2028 年到期的 10.5% 擔保票據的一部分。展望未來，我們將繼續採取機會主義的方式，繼續延長短期到期期限，並減少業務中的大量利息支出。

I also want to highlight that yesterday we successfully completed the steps to collapse the legacy Uniti and Windstream debt silos into one unified structure. Completing this debt collapse was a critical part of our strategy as it greatly simplifies our capital structure, unlocks significant opportunity for ABS on the Windstream assets, and sets the stage for optimizing our combined capital structure going forward. Combined net leverage at the time of our merger closing is around 5.5 times, and we expect to end the year with a combined net leverage of between 5.5 times and 6.0 times, consistent with the target we set for standalone Uniti.

我還想強調的是，昨天我們成功完成了將 Uniti 和 Windstream 遺留債務孤島整合為統一結構的步驟。完成此債務減免是我們策略的關鍵部分，因為它極大地簡化了我們的資本結構，為 Windstream 資產的 ABS 釋放了重大機會，並為優化我們未來的合併資本結構奠定了基礎。合併結束時的綜合淨槓桿率約為 5.5 倍，我們預計今年年底的綜合淨槓桿率將在 5.5 倍至 6.0 倍之間，與我們為獨立 Uniti 設定的目標一致。

With that, we'd be happy to take your questions. Operator?

我們很樂意回答您的問題。操作員？

(Operator Instructions) Gregory Williams, TD Cowen.

（操作員指示）格雷戈里·威廉姆斯 (Gregory Williams)，TD Cowen。

Great. Thanks for taking my questions. The first one is just on, Kenny, as you move to the inference phase, how do the deal constructs change? I imagine it's a lot more lease-up, better margin, maybe lower upfront costs for you guys, but maybe there would be more competition as well? And what would the yields be compared to the training data center yields? Second question is just on the funnel you mentioned. I think you said the wholesale funnel represents $1.5 billion of total contract value. What's your typical win rate on a funnel? Thanks.

偉大的。感謝您回答我的問題。第一個問題是，肯尼，當你進入推理階段時，交易結構會發生怎樣的變化？我想這對你們來說意味著更多的租賃、更好的利潤、更低的前期成本，但也許也會有更多的競爭？與訓練資料中心的收益相比，收益如何？第二個問題就是關於您提到的漏斗。我認為您說過批發管道代表著 15 億美元的總合約價值。您在漏斗上的典型獲勝率是多少？謝謝。

Good morning, Greg, good questions. I'll start with your second one. When -- and you specifically asked about the $1.5 billion of hyperscaler deals. And I would say, as we've said consistently over the past probably 18 months, our win rate when we go after a large hyperscaler deal is very, very high. We are being very disciplined about which deals we pursue.

早安，格雷格，這個問題問得好。我先從你的第二個問題開始。當您特別詢問 15 億美元的超大規模交易時。我想說的是，正如我們在過去 18 個月中一直所說的那樣，我們在爭取大型超大規模交易時的成功率非常非常高。我們對於要進行的交易非常謹慎。

We're not looking to go after every single hyperscaler deal we hear about. We're not going after deals that are built out in the middle of nowhere that are not either contiguous to or strategic to in some other way, our network. We're very focused on deals that are either in an existing metro or near an existing metro or deals that connect our metro markets to others or that are relatively close to our network and give us the ability to expand it strategically.

我們並不打算追逐我們聽到的每一個超大規模交易。我們不會追求那些建在偏僻之地、與我們的網路不相鄰或不具戰略意義的交易。我們非常關注現有大都市或現有大都市附近的交易，或將我們的大都市市場與其他大都市市場連接起來的交易，或相對較靠近我們網路的交易，並使我們能夠策略性地擴展它。

And so we're being selective on the deals that we pursue. And despite that, we still have a very sizable funnel, the $1.5 billion. I'm pretty sure that's the first time we've shared that number publicly. And when we go after those deals, we tend to win. And as I've said before, hyperscalers don't always pick the winner. In fact, I'd say, don't frequently pick the winner based upon price. They pick their winner based upon reliability, ability to build on-time, and on-budget and on-spec.

因此，我們對所尋求的交易非常有選擇性。儘管如此，我們仍然擁有非常可觀的資金管道，即 15 億美元。我非常確定這是我們第一次公開分享這個數字。當我們爭取這些交易時，我們往往會獲勝。正如我之前所說，超大規模企業並不總是能選出贏家。事實上，我想說，不要經常根據價格來選擇贏家。他們根據可靠性、按時建造的能力、預算和規格來選擇獲勝者。

And I think, as I mentioned in our prepared remarks, being a scaled provider matters with them because I think they want a robust group of network providers to serve them, but not so long of a list that it's unmanageable. I think they like to have partners that they can go back to on a regular basis. So long-winded way of saying our win rate is pretty high. We haven't set a percentage, but I'd say it's very high.

我認為，正如我在準備好的發言中提到的那樣，成為規模化的供應商對他們來說很重要，因為我認為他們希望有一群強大的網路供應商為他們服務，但名單又不能太長以至於難以管理。我認為他們喜歡擁有可以定期回去的伴侶。這麼長篇大論地說我們的勝率相當高。我們沒有設定一個百分比，但我認為這個百分比非常高。

With respect to your first question, inference is exciting to us. It's more exciting than this phase that we're in now, frankly, with the hyperscalers. And we're doing lots of great deals. We're building lots of new network that we haven't been able to build in years. We're connecting metros that we've needed to connect over the years, and we're now using hyperscalers as anchor customers in order to do that, which is terrific.

關於您的第一個問題，推論對我們來說是令人興奮的。坦白說，這比我們現在所處的超大規模階段更令人興奮。我們正在做很多很棒的交易。我們正在建造許多多年來未能建造的新網路。我們正在連接多年來一直需要連接的城市，現在我們正在使用超大規模企業作為主要客戶來實現這一目標，這非常棒。

But where we're really going to start to see a pickup in recurring revenue and EBITDA is when the inference phase starts in earnest. And previously, we said that would probably be three or four years out, but I think that's increasingly looking conservative. It looks like it's going to be earlier and earlier. I also think it's going to be harder to predict what's inference versus not. I think AI work streams are getting more and more infused in all other work streams, and it's hard to distinguish between the two, which is fine.

但當推理階段真正開始時，我們才真正開始看到經常性收入和 EBITDA 的回升。之前我們說過這可能需要三到四年的時間，但我認為這看起來越來越保守。看起來，這個時間會越來越早。我也認為，預測什麼是推理、什麼不是推理將會變得更加困難。我認為 AI 工作流程越來越多地融入所有其他工作流程中，很難區分兩者，這很好。

But I think, for us, what we really need is to have more distributed fiber endpoints that serve as on-ramps to serve that inference phase. And so we talk about our 3.5 million fiber homes, for example, and our 1 million-plus buildings, data centers, and fiber and small cells that are on -- that are connected. And all of those things are going to, we think, see an improvement in demand as it relates to inference. And that's all coming from non-hyperscaler customers, by the way. So we're really looking forward to that.

但我認為，對我們來說，我們真正需要的是擁有更多分散式光纖端點作為服務推理階段的入口。例如，我們談論的是 350 萬個光纖家庭，以及 100 多萬個已連接的建築、資料中心以及光纖和小型基地台。我們認為，所有這些事情都將看到與推理相關的需求的改善。順便說一句，這些都是來自非超大規模客戶。所以我們真的很期待這一點。

And to your question, Greg, about the types of hyperscaler deals that we expect to see going forward as it relates to inference, I think you hit it. You're right. It will be more lease-up as opposed to anchor/greenfield builds. And in fact, the deal that we highlighted and that Windstream signed last week at the end of -- right before the deal -- our merger closed, that's a lease-up deal.

格雷格，關於您所問的有關我們期望未來看到的與推理相關的超大規模交易類型，我想您回答到了。你說得對。與錨定/綠地建設相比，它將更多地用於租賃。事實上，我們強調的交易以及 Windstream 上週在交易結束前簽署的交易，就是一筆租賃交易。

Very attractive transaction, 20-year IRU on existing infrastructure using existing strands with minimal capital and OpEx required. So very, very high margin and low capital intensity. And that deal came with -- I think it was 296 strands. And there's a ROFR on incremental strands on top of that, which, by the way, is also exciting, right? Because as we've said before, we've got hyperscalers taking these very large strand count deals from us, and then they're coming back for the second deal.

非常有吸引力的交易，利用現有基礎設施的現有線路進行 20 年 IRU，所需資本和營運支出極少。因此利潤率非常高，資本密集度低。那筆交易附帶——我認為是 296 股。除此之外，還有增量鏈的 ROFR，順便說一句，這也很令人興奮，對吧？因為正如我們之前所說的那樣，超大規模企業已經從我們這裡獲得了這些非常大的鏈數交易，然後他們又回來進行第二筆交易。

And in this case, this particular hyperscaler has asked for a ROFR on another 432 strands on top of the 296. Again, all lease-up. So I do think -- again, sorry for the long-winded answer, but I do think once inference really kicks into high gear, you're going to see higher margin, lower capital intensity deals coming from the hyperscalers and a lot of, we think, an improvement in MRR just across the base in general.

在這種情況下，這個特定的超大規模計算者要求在 296 條鏈的基礎上對另外 432 條鏈進行 ROFR。再次，全部租賃。所以我確實認為——再次抱歉回答得這麼長，但我確實認為，一旦推論真正開始發揮作用，你就會看到來自超大規模企業更高的利潤率、更低的資本強度交易，而且我們認為，總體而言，整個基礎上的 MRR 都會有所改善。

Great. Thanks.

偉大的。謝謝。

(Operator Instructions) Frank Louthan, Raymond James & Associates.

（操作員指示）Frank Louthan，Raymond James & Associates。

Great. Thank you very much. What is the timeframe for the $1.5 billion funnel? What are those deals over? And then as far as the Kinetic buildout going forward, how much of that 20% of your footprint that doesn't have any cable competition is economical to build? And how much of the 40% penetration goal is reliant on being able to construct in that part of the footprint? Thanks.

偉大的。非常感謝。15 億美元漏斗的時間表是怎樣的？這些交易是怎麼回事？那麼，就 Kinetic 未來的建設而言，在沒有任何電纜競爭的 20% 的覆蓋範圍內，建造多少是經濟的？40% 的滲透率目標有多少依賴在該部分區域進行建造？謝謝。

Hey, Frank. I'll start on both of those. And Paul, you might want to join in on the second one. But on the funnel -- first of all, I'm always a little bit reluctant to show funnel information because funnels ebb and flow by their nature. And in fact, if all you're doing is showing a funnel growing over time -- but a pessimist point of view would mean that you're not selling enough on the other side, right? If it just grows and grows -- so we don't like to show it on a regular basis, but we thought showing the funnel in this case made sense because we really want to show the theme of the funnel itself growing.

嘿，弗蘭克。我將從這兩個方面開始。保羅，你可能想加入第二個。但在漏斗上——首先，我總是有點不願意展示漏斗訊息，因為漏斗的本質就是起伏不定的。事實上，如果你所做的只是展示一個隨著時間推移而增長的漏斗——但從悲觀的角度來看，這意味著你在另一端的銷售量還不夠，對嗎？如果它只是不斷增長——那麼我們不喜歡定期展示它，但我們認為在這種情況下展示漏斗是有意義的，因為我們確實想展示漏斗本身增長的主題。

But it's growing predominantly because the hyperscaler slice of the pie has gotten -- is getting very sizable. And in fact, at 40%, this is the first time that the first quarter where the hyperscalers have been the largest customer segment for us in the funnel. And so we really just wanted to show those themes.

但它的成長主要是因為超大規模的份額已經變得非常大。事實上，超大規模企業在第一季首次成為我們最大的客戶群，佔 40%。所以我們實際上只是想展示這些主題。

To your question, Frank, usually, when something is in the funnel, it usually takes something like 12 to 18 months for it to come out. I mean, the sales cycle -- and it certainly could be a lot less, right? It could be anywhere from a month up to, I'd say, 12 months, maybe a little longer. And so -- but with this -- what's in the funnel today, the $1.5 billion, I expect that over the next 6, 12, 18 months, most of that will have worked its way through. But it hopefully will be regenerated by additional demand coming behind that.

對於你的問題，弗蘭克，通常情況下，當某樣東西進入漏斗時，通常需要 12 到 18 個月左右的時間才能出來。我的意思是，銷售週期——肯定會短很多，對吧？時間可能從一個月到 12 個月不等，也可能更長。所以 — — 但有了這個 — — 今天頻道中的 15 億美元，我預計在未來 6、12、18 個月內，其中大部分都會到位。但希望它能透過隨後的額外需求而重新煥發活力。

And we do see that. I think that what's in the funnel are actual deals that have been qualified by us and our customers, but we hear about much more in just private conversations, and we certainly think based upon public comments being made by the hyperscalers that there's just a commitment to investing in this space for years into the future. So very excited about that.

我們確實看到了這一點。我認為漏斗中的內容是我們和客戶都認可的實際交易，但我們在私人談話中聽到的更多，而且我們當然認為，根據超大規模企業的公開評論，他們只是承諾在未來幾年內投資這一領域。我對此感到非常興奮。

With respect to the 40% of the footprint that doesn't have the so-called cable bundle, and really just to your question in general about how much of the footprint is economical to get to, look, I think as we said, 3.5 million homes is roughly 75% of the footprint. And beyond that, we think we can get to a large percentage of what's left with fixed wireless or alternative technologies that are building off of that fiber-to-the-node investment over the years.

關於沒有所謂電纜束的 40% 的覆蓋範圍，實際上只是回答您關於達到多少覆蓋範圍才是經濟的問題，我認為正如我們所說的，350 萬戶家庭大約佔覆蓋範圍的 75%。除此之外，我們認為，我們可以利用多年來在光纖到節點投資基礎上建立的固定無線或替代技術，以獲得剩餘的大部分市場份額。

And so I do think it's one of the real highlights of the Kinetic footprint that gets lost that while it is a rural footprint and it is -- the average market is less dense than a large metro, for example, there's a lot of fiber that's been pushed out into this network. And so that $650 to $700 cost per passing that we've talked about historically is real. And as Paul mentioned in his prepared remarks, going up to a blend of $750 to $850 on the build over the next number of years, we're getting to the less dense markets with that still very economical build based upon the historical fiber investment that's been made.

因此，我確實認為這是 Kinetic 覆蓋範圍的真正亮點之一，儘管它覆蓋範圍是農村，而且平均市場密度不如大都市，但有大量光纖被推入該網絡。因此，我們過去談論的每次通行 650 至 700 美元的成本是真實的。正如保羅在他的準備好的演講中提到的那樣，在未來幾年內，建設成本將上升到 750 至 850 美元，我們將進入密度較低的市場，根據歷史光纖投資，這種建設仍然非常經濟。

And by the way, that also includes a blend of we're starting to work more and more with third-party contractors. Historically, we've done the vast majority of it in-house, but we're starting to bring in more and more third-party contractors to give us the ability to have a more predictable cadence and definitely an uptick in the build itself. So with all that said, Frank, we feel very confident about getting to 75%, 80% of the footprint with direct fiber-to-the-home and then the rest really serving it off of that fiber-to-the-node investment that's been made. So Paul, do you want to add anything?

順便說一句，這也包括我們開始越來越多地與第三方承包商合作。從歷史上看，我們絕大多數工作都是在內部完成的，但我們開始引入越來越多的第三方承包商，以便我們能夠擁有更可預測的節奏，並且肯定會在構建本身方面有所提升。所以，弗蘭克，綜上所述，我們非常有信心透過直接光纖到戶達到 75% 到 80% 的覆蓋範圍，然後其餘部分將真正透過已經進行的光纖到節點投資來實現。那麼保羅，你還有什麼要補充嗎？

Yes. Hey, Frank. It's Paul. I would just add that -- to specifically your question about how much of our build is focused on that portion of our -- of the Kinetic network without a cable competitor, that portion of our footprint tends to be very rural. And so it's certainly an area of our footprint where we're building fiber.

是的。嘿，弗蘭克。我是保羅。我只想補充一點——具體來說，關於你的問題，我們的建設有多少集中在沒有有線電視競爭對手的 Kinetic 網路的這一部分，我們的這一部分覆蓋範圍往往非常偏遠。因此，這肯定是我們建造光纖的覆蓋區域。

That fiber tends to be more subsidized builds in nature, so it tends to be more RDOF or PPP or maybe even BEAD going forward. But it's definitely a part of the plan. And through those subsidized builds in those more rural areas of the footprint, we are able to build fiber, but it tends to be more of the subsidized projects that are in that category overall.

光纖在本質上傾向於獲得更多的補貼建設，因此未來它更傾向於 RDOF 或 PPP 甚至 BEAD。但這絕對是計劃的一部分。透過在覆蓋範圍較廣的農村地區進行補貼建設，我們能夠鋪設光纖，但總體而言，屬於這一類別的補貼項目更多。

All right. Great. Thank you very much.

好的。偉大的。非常感謝。

(Operator Instructions) Michael Rollins, Citi.

（操作員指示）花旗銀行的邁克爾·羅林斯。

Thanks, and good morning. And thanks for all the details in some of these slides. I'm curious if we could turn back to slide 28. And when you look at the pro forma for each of the new segmentations, Kinetic, Fiber Infrastructure, Uniti Solutions, curious if you could give us a perspective of aggregate growth for each of these pieces or, in the case of solutions, potential declines? And then how do you think about the multi-year progression of margin for each of those pieces? And then I have a follow up on Kinetic after that. Thanks.

謝謝，早安。感謝您在這些幻燈片中提供的所有細節。我很好奇我們是否可以回到第 28 張幻燈片。當您查看每個新細分市場（Kinetic、Fiber Infrastructure、Uniti Solutions）的預測表時，您是否可以向我們介紹每個部分的整體成長情況，或者就解決方案而言，潛在的下降情況？那麼，您如何看待每個部分的利潤率的多年增長？然後我會跟進 Kinetic 的情況。謝謝。

Yes, so Michael, good question. I mean, I think on our -- on the Fiber Infrastructure -- so on those segments from a top-line growth standpoint, I think from -- on the Fiber Infrastructure business, I think we expect that to be very much in line with the Fiber Infrastructure business that Uniti has run over the years. So we're talking about there that kind of mid-single-digit growth on a go-forward basis on the top line and similar growth on the bottom line on the EBITDA line.

是的，邁克爾，問得好。我的意思是，我認為就我們的光纖基礎設施而言，從營收成長的角度來看，就光纖基礎設施業務而言，我們預計這將與 Uniti 多年來運營的光​​纖基礎設施業務非常一致。因此，我們談論的是未來營收的中等個位數成長，以及 EBITDA 利潤的類似成長。

So I mean, the Windstream wholesale business does have some legacy services, some TDM there that is being run off. So that does weigh a little bit on the growth there. But I would expect that sort of mid-single-digit growth with regard to that business on a go-forward basis. At Kinetic, that growth year over year, there's a little -- we've been doing some resegmentation, as you know, Michael. And so that's muddied the waters a little bit from a comparison standpoint. That should be much more stable on a go-forward basis.

所以我的意思是，Windstream 批發業務確實有一些遺留服務，一些正在運行的 TDM。所以這確實對那裡的成長造成了一點影響。但我預計該業務未來將實現中等個位數的成長。在 Kinetic，逐年增長，有一點——正如你所知，我們一直在做一些重新細分，邁克爾。從比較的角度來看，這有點混淆了事實。從未來來看，這應該會更加穩定。

But we're reuniting all of the Uniti -- I'm sorry, the Kinetic Wholesale and Kinetic business into that Kinetic business segment. It's not just the consumer segment. So there's a little bit of TDM coming in there. So you may see that a little bit weighing on that Kinetic business more so than it was when it was just sort of isolated to the consumer business for Windstream more recently.

但我們正在將所有 Uniti——抱歉，是 Kinetic Wholesale 和 Kinetic 業務重新合併到 Kinetic 業務部門。這不僅是消費者領域。因此，那裡有一點 TDM。因此，您可能會發現，與最近將 Kinetic 業務與 Windstream 的消費者業務隔離相比，這對 Kinetic 業務造成了更大的壓力。

But we would look to see that business really start to make the turn in the near future into a growth business as well as we drive fiber. So that kind of flat to low single-digit growth is what we're driving toward over the next -- the near-term period. And then on Uniti Solutions, I mean, Drew, do you want to jump in? We've got Drew Smith with us this morning as well, just on kind of the outlook for Uniti Solutions from a top-line and EBITDA standpoint.

但我們希望看到，隨著我們推動光纖業務的發展，該業務在不久的將來真正開始轉變為成長型業務。因此，這種持平至低個位數的成長是我們在未來短期內努力實現的目標。然後關於 Uniti Solutions，我的意思是，Drew，你想加入嗎？今天早上我們也邀請了德魯史密斯 (Drew Smith) 來與我們一起討論 Uniti Solutions 的營收和 EBITDA 前景。

Yes. Thank you, Paul. Hi. Good morning, this is Drew Smith. When you think about Uniti Solutions, today, there's still really two things kind of happening within that business. There's a large portion of the revenue that is our go-forward revenue, really based on technology and connectivity when we're selling our managed services. But there's also a component of TDM that is being exited.

是的。謝謝你，保羅。你好。早安，我是德魯史密斯。當您想到 Uniti Solutions 時，今天，該業務中仍然有兩件事正在發生。我們的收入很大一部分是我們未來的收入，這實際上取決於我們銷售託管服務時的技術和連接性。但 TDM 也有一個元件正在退出。

As we've communicated at Windstream and we'll continue to communicate at Uniti, we will be fully out of the TDM business as it relates to Uniti Solutions by the end of this year. And so when you look at really kind of the go forward, we're still seeing some revenue losses, but good margin conversion as well as free cash flow conversion. I think, right now, we're seeing revenue losses of around mid-teens. I think that should be similar in the near-term. Long term, I think we see stability as we're really focused on supporting the customers -- the larger customers within that base.

正如我們在 Windstream 上溝通過的那樣，並且我們將繼續在 Uniti 上溝通，我們將在今年年底前完全退出與 Uniti Solutions 相關的 TDM 業務。因此，當你真正展望未來時，我們仍然會看到一些收入損失，但利潤率轉換和自由現金流轉換良好。我認為，目前我們的收入損失大約在十五六成左右。我認為短期內情況應該類似。從長遠來看，我認為我們會看到穩定性，因為我們真正專注於支援客戶——該基礎內的較大客戶。

Thanks. And then just going back to the Kinetic Fiber business, the slide 25, so the ARPU trajectory, from what I'm reading, I think that excludes the modem rental charge of $10.99. So when you add that back to the fiber ARPU, it suggests that you're over $80 of ARPU. I'm just curious if you could talk about the strength of ARPU. What is driving that all-in strength of spend from the customer and how you see the opportunity to continue to grow that customer bill over time?

謝謝。然後回到第 25 張投影片中的 Kinetic Fiber 業務，ARPU 曲線。根據我讀到的內容，我認為這不包括 10.99 美元的調製解調器租賃費。所以，當你把這筆費用加到光纖 ARPU 中時，這意味著你的 ARPU 超過了 80 美元。我只是好奇您是否可以談談 ARPU 的優勢。是什麼推動了客戶全力支出？您如何看待隨著時間的推移繼續增加客戶帳單的機會？

Yes, Michael, I'll start with that one. I think you characterized the slide correctly. I think you're reading it right. And I think you're right that we've got a very solid ARPU, and that's been growing nicely over the past number of years, feel great about that. And obviously, we consistently regularly comp that relative to our competition in the market. And when you do that, when you look across the cablecos and any other small cable companies or if there's an overbuilder, which there aren't very many in our markets, but when we compare across all those things and fixed wireless, we're right in line with where the competition is.

是的，邁克爾，我就從這個開始。我認為您對幻燈片的描述是正確的。我認為你讀得對。我認為您說得對，我們的 ARPU 非常穩定，而且在過去幾年中一直在穩步增長，對此我們感到非常高興。顯然，我們始終如一地與市場上的競爭對手進行比較。當你這樣做時，當你縱觀有線電視公司和任何其他小型有線電視公司，或者是否存在過度建設者時，在我們的市場上並不多，但是當我們比較所有這些和固定無線時，我們與競爭對手處於一致的位置。

So we're not -- we don't have ARPUs or pricing plans that are in excess of our competition. And I think what that really gets to is, these are markets where there is a little bit more pricing power for the providers in those markets. And we're, I'd say, taking advantage of that. But we also recognize that there is competition, and over time, we've got to be mindful of that, and we will be.

所以我們的 ARPU 值和定價方案並沒有超出我們的競爭對手。我認為這實際上意味著，這些市場的供應商擁有更多的定價權。我想說，我們正在利用這一點。但我們也認識到存在競爭，隨著時間的推移，我們必須注意這一點，而且我們會注意的。

And so when we look out and forecast ARPU growth in our various IRR models and we sensitize those models, we're, I'd say, conservative with respect to our expectations there. And so we certainly don't want to give any forward guidance on ARPU growth at this stage, but I do think we're mindful that it's a robust number today. And over time, we expect that it will continue to be, but I think that we're also mindful that there could be some pressures over time.

因此，當我們在各種 IRR 模型中觀察和預測 ARPU 增長並對這些模型進行敏感化時，我想說，我們對那裡的預期是保守的。因此，我們當然不想在現階段對 ARPU 成長給出任何前瞻性指導，但我確實認為我們注意到今天這是一個強勁的數字。隨著時間的推移，我們預計這種情況將會持續下去，但我認為我們也注意到隨著時間的推移可能會出現一些壓力。

And ultimately, I think that when you think about how do we continue to grow that number, it's not just pricing power. It's also upselling customers to higher speeds. Today, I'd say, 20%, maybe 25% of our base are actually taking max speeds that are available to them. And so we think that's a terrific upsell opportunity over time, especially as we start to get into the inference phase of AI, for example, and more and more people need higher bandwidth at their home.

最後，我認為，當你思考如何繼續增加這個數字時，這不僅僅是定價權的問題。它還向客戶推銷更高的速度。今天，我想說，我們基地的 20% 或 25% 的人實際上正在使用他們可用的最大速度。因此，我們認為，隨著時間的推移，這是一個絕佳的追加銷售機會，特別是當我們開始進入人工智慧的推理階段時，越來越多的人需要在家中使用更高的頻寬。

Thanks.

謝謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。